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Bitcoin’s bullish move before the weekend comes with a familiar scenario across macro markets. Despite the Corona virus and the aftermath continuing to wreak havoc on economies around the world, stock markets have hit an all-time high, with the S&P 500 index closing its biggest weekly gain since November. last. Oil rose above $ 60 a barrel for the first time in more than a year on Monday.

Sentiment was buoyed by the new spending outlook in the United States as lawmakers sought to perfect President Joe Biden’s $ 1.9 trillion stimulus package. During the same period, the US dollar fell. The US Dollar Currency Index (DXY) suddenly dropped below 91 on Monday, reversing a recent uptrend that began in mid-January.

1-day candlestick chart of the US Dollar Currency Index (DXY) | Source: TradingView

Despite conflicting views on stimulus, the authorities seem to have fully agreed to increase the money supply as the only option. Lawrence Summers, Barack Obama’s economic advisor, told the Washington Post:

“I remain concerned, as a medium-term worry, with secular stagnation, believe that fiscal policy will need to be much more active in the years ahead, and certainly share the administration’s view that policy should err very much on the side of expansion at a moment like this. But these kinds of qualitative considerations do not provide a basis for judging whether $900 billion in short-term stimulus should be followed immediately by a $1 trillion, $1.9 trillion or $5 trillion measure, prior to an ultimate multitrillion-dollar public investment measure.”

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